The average purchase price was $117,256 per BTC as the largest cryptocurrency continues to trade around this level since the weekend. This latest buy brings Strategy’s total Bitcoin holdings to 628,791 BTC, now worth around $74.26 billion.
With an average entry of $73,277, the firm is sitting on a paper profit of over $28.18 billion.
Despite the market’s lack of immediate bullish movement, institutional players like Strategy and Metaplanet seem to be using the current price range as a strategic accumulation zone.
At the same time, Bitcoin exchange-traded funds (ETFs) saw another day of net inflows, bringing $79.97 million on July 29. This results in a streak of four consecutive days, indicating growing investor confidence.
On July 29, spot Bitcoin ETFs saw a total net inflow of $79.97 million, marking the fourth consecutive day of net inflows. Spot Ethereum ETFs registered a total net inflow of $219 million, extending their streak to 18 consecutive days. https://t.co/nEfh9YRDkLpic.twitter.com/ePLUZxKBBb
Bitcoin is currently trading at just above $118,000, with minimal movement over the past 24 hours. This low-volatility phase comes as investors rotate their funds into penny crypto tokens. However, market watchers note that it could be calm before the storm.
Notably, the 30-day Bitcoin Volatility Index (BVIV) has dipped to 39.37, well below the 45 mark rarely crossed in the last 149 weeks. A similar setup in September 2023 led to a 50% price rally.
30-day Bitcoin Volatility Index (BVIV) | Source: TradingView
Over the weekend, Bitcoin’s liquidity was tested when an early investor offloaded more than 80,000 BTC (worth $9.6 billion) via Galaxy Digital’s OTC desk. The market swiftly absorbed the shock, temporarily pushing the price down to $115,000 before recovering to $119,000.
Despite this large distribution, Glassnode reports that 97% of all BTC in circulation remains in profit, totaling over $1.4 trillion in unrealized gains.
#Bitcoin absorbed a $9.6B sell-off over the weekend as 80k BTC moved via OTC desks. Yet, the market impact was minimal – showcasing deep liquidity and structural resilience. Read the latest Week On-Chain for full postmortem of this event: https://t.co/U6aTmrJ95xpic.twitter.com/MU4vLK89Ow
Several on-chain valuation models suggest Bitcoin is likely to stay range-bound between $105,000 and $125,000. Glassnode predicts that a break above this range could send BTC toward $141,000, where heavier profit-taking is expected.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.